On a year-over-year basis real GDP increased 1.51% while the quarter-to-quarter non-annualized percent change was 0.50%.

The latest quarterly results indicate that the most notable source of weakness in the economy came from the change in private inventories component resulting in an overall 0.9% decline to gross private domestic investment and government expenditures with non-defense spending declining 3.8% while state and local spending declined declined by 1.4%.

Personal consumption expenditures also increased notably increasing 2.3% from Q2 2011.Keep in mind that these results are likely very poorly estimated and are sure to be revised notably in following quarters and even years to come.